Meticulous Research® has published a new report indicating that the global feed premix market is poised to reach $14.09 billion by 2031, growing at a CAGR of 4.5% from 2024 to 2031. This growth is fueled by the benefits of utilizing feed premixes over multiple ingredients, increasing demand for compound animal feed, and heightened awareness regarding meat product safety. However, stringent regulatory frameworks and issues related to storage and handling may hinder market expansion.
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Key Market Drivers and Trends
The feed premix market's growth is bolstered by several key factors:
• Advantages of Feed Premixes: Feed premixes offer enhanced nutritional benefits and improved feed efficiency compared to using multiple separate ingredients.
• Rising Demand for Compound Animal Feed: The increasing preference for compound feed is driven by the need for vitamin and mineral-enriched foods to meet the nutritional requirements of animals.
• Growing Meat Product Safety Awareness: As consumers become more conscious of meat product safety, the demand for quality feed premixes is on the rise.
Additionally, emerging economies are expected to create significant growth opportunities, while the adoption of animal-derived proteins and the integration of functional ingredients are notable trends shaping the market.
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Key Players in the Market
Prominent players in the feed premix market include:
• DSM-Firmenich AG (Switzerland) BASF SE (Germany) Archer Daniels Midland Company (U.S. Cargill, Incorporated (U.S.) Nutreco N.V. (Netherlands) InVivo Group (France) Jubilant Pharmova Limited (India) Koninklijke Coöperatie Agrifirm U.A. (Netherlands) Dansk Landbrugs Grovvareselskab a.m.b.a. (Denmark)
Market Segmentation
The feed premix market is segmented by type, form, application, and geography:
• By Type: The combination premixes segment is expected to dominate in 2024, accounting for 31.1% of the market. The demand for compound feed enriched with vitamins and minerals drives this segment's growth.
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• By Form: The powder segment is projected to hold a substantial 92.7% share in 2024 due to its advantages over liquid premixes, such as better homogeneity, ease of handling and transport, and improved stability. This segment is also expected to grow at a CAGR of 4.7% through 2031.
• By Application: Poultry feed is anticipated to lead the market with a 46.0% share in 2024, driven by rising poultry meat consumption and farming. The aquafeed segment is forecasted to experience the highest growth rate of 5.4% during the forecast period, propelled by the global demand for fish products and the expanding aquaculture industry.
• By Geography: Asia-Pacific is expected to command the largest market share of 36.6% in 2024, attributed to the growth of the compound animal feed industry, rapid economic development, and rising investments in countries like India, China, Indonesia, and Thailand. This region is also projected to have the highest growth rate of 5.5% over the forecast period.
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